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Mexico

Energia de Celaya S.A. de C.V.

$172 million
Renewable Energy
Summary of Proposed Guarantee
Proposed

Project Description

This summary covers an application made by Fisterra to cover its equity investment in Energia de Celaya, S.A. de CV (the Project) in the Republic of Mexico. MIGA coverage has been sought for up to US$172 against the risk of transfer restriction, expropriation, war and civil disturbance, and breach of contract for a tenor of up to 15 years.

The Project comprises the development, construction, and operation & maintenance of a combined cycle gas turbine power plant with a total net capacity of 1.3GW. The project location is in Cortazar Municipality in the State of Guanajuato, approximately 200 km northwest of Mexico City. The Project will also include the construction of a 5 km 400kV transmission line, and a 4 km 230kV transmission line, connecting the Project’s substation to the existing transmission network owned and operated by the Federal Electricity Commission and a private offtaker. The Project will be connected to the natural gas pipeline Ramal Salamanca through a 11km pipeline being developed by a third party (Gaseoducto de Cortazar, S.R.L. de C.V.). The Project also has access to gas through a secondary pipeline which crosses the south portion of the Project site.

Environmental Categorization

The project is a category A under MIGA’s Policy on Environmental and Social Sustainability. Click here for the project’s Environmental and Social Review Summary.

Development Impact

The Project will add 1.3GW of reliable generation capacity which is expected to help replace less efficient and potentially more polluting plants, reducing the overall price of electricity as well as increasing energy capacity needed to support the expected electricity demand growth in the country. The Project is also expected to directly impact the local community through the creation of employment opportunities during construction.

The Project will be one of the most efficient CCGT power plants when it enters the Mexican market. Given its cutting-edge technology, the Project is expected to operate in most hours; increasing reliability and reducing average generation cost in the country while having a positive environmental impact.

Finally, the majority of the power generated will be sold to private sector companies, which are expected to have significant savings given the competitive price offered by the Project increasing their competitiveness in the national and global market.